Brookfield Homes and Shea Homes have jointly acquired 1,200 acres in Otay Ranch in the South County and plan to build 2,300 homes, new schools and commercial areas.
More than 540 acres will be dedicated to the city of Chula Vista as the site for a major university.
The 50-50 venture, called Brookfield Shea Otay LLC, acquired the property just south of the Eastlake Greens development from NM Homes Two Inc.
The joint venture expects to break ground in 2002 and begin building homes in 2003.
Brookfield Homes San Diego Inc. is active in San Diego and Riverside counties, building at Scripps Ranch Villages in San Diego, Calavera Hills in Carlsbad, Chase Ranch in Corona, and PGA West in La Quinta.
Headquartered in Del Mar, the local division is part of Brookfield Homes Ltd. of Canada.
Shea Homes San Diego builds about 5,000 homes annually nationwide, including approximately 750 in San Diego County. The company has such projects as Andalucia, Diego, Daybreak, Summerfield, Fairfield, Woodbridge and Stonebridge in Chula Vista; Devonshire in Encinitas; and Canterbury, Parkside, Valencia, and Benicla in Carlsbad.
Newland Communities and Institutional Housing Partners, investment advisers and developers of master-planned communities in partnership with the California Public Employees' Retirement System, announced they have signed a contract to purchase Genstar Land Co. from a subsidiary of British American Tobacco, plc.
The transaction is valued at $223 million and expected to close by the end of June.
The two companies have formed Newland-IHP Ventures to acquire the 27 land development projects of Genstar Land, including a partnership interest in 1,683-acre 4S Ranch in North San Diego County. The residential development plan calls for 4,715 homes.
Newland previously developed Rancho Penasquitos and Bernardo Heights, two master-planned communities adjacent to 4S Ranch.
Approximately 90 percent of the purchase price is being provided by CalPERS investments in Newland and IHP partnerships. Newland has been a partner with CalPERS since 1994 and IHP since 1992.
Newland is currently developing nine master-planned communities with CalPERS.
The transaction also involves three other major master-planned projects: 1,700-acre Northlake in Santa Clarita Valley, 1,153-acre Summerwood in Harris County, Texas, and 1,000-acre Fishhawk Ranch in Tampa, Fla.
TopMark Communities reports 29 of a planned 34 homes have been sold at its StoneRidge Estates in Alpine. The five remaining homes are priced from $430,000 to $515,000. Three foundational floor plans range from 3,028 to 3,778 square feet with three and four bedrooms.
At its nearby Vista Grande Estates, TopMark reports only one home remains to be sold for $495,000.
William Lyon Homes' 139-home Mendocino neighborhood in Otay Ranch has been honored by the city of Chula Vista with a Beautification Award. The selection committee commended the floor plans, particularly the two featuring a garage in the rear. Also noted were wraparound porches, shutters and colors.
Five floor plans at Mendocino range from 1,403 to 1,649 square feet with three and four bedrooms.
Barratt American reports 136 sales at its 150-home Mirada on the Green community at Moreno Valley Ranch in Moreno Valley. The two-story floor plans range from 2,248 to 3,262 square feet with three and four bedrooms. Prices range from $199,990 to $257,990.